Axel P. Lehmann to lead Zurich North America Commercial

Zurich, June 8, 2004 - Zurich Financial Services Group (Zurich) announced the appointment of Axel P. Lehmann (45) to Chief Executive Officer (CEO) of Zurich North America Commercial (ZNA), effective September 2004. He succeeds John Amore who, as announced on April 2, is assuming his global leadership role as CEO of General Insurance. While John Amore and Axel Lehmann are retaining their current assignments until September, they will soon start the processes to ensure a smooth transition into their new roles.

As Chief Executive of ZNA, Axel Lehmann will oversee all Zurich North America General Insurance activities. The heads of Zurich North America units will report to him, and, on behalf of the Group Executive Committee (GEC), he will provide the GEC leadership for the US Small Business strategy development.

Axel Lehmann joined Zurich in 1996 and held various positions in corporate development and executive management. He was appointed to the Group Management Board in 2000 and he joined the GEC as CEO of the Continental Europe Business Division in March 2002. His successor at the helm of the European General Insurance businesses will be announced at a later date.